Townhouses<\/strong><\/h2>\nBefore we dive into the topic of selling a townhouse, let\u2019s first explain what a townhome is. A townhouse, also known as a townhome, is a type of residential real estate property that shares exterior walls with neighbouring homes. They are typically larger than a condo but smaller than a single-family home. Like homes, townhouses may also feature small front and back yards. However, like condos, they may come with homeowner association (HOA) rules and fees, giving townhouse owners less freedom than homeowners. Ultimately, a townhouse offers a variety of benefits (including greater affordability) and serves as a middle ground between condos and single-family homes. For couples, retirees, or even young families, townhouses may represent the best of both worlds.\u00a0<\/span><\/p>\n <\/p>\n
Five Challenges to Selling a Townhouse and Tips for Overcoming Each<\/strong><\/h2>\nSelling any type of real estate can be challenging, and some of these challenges extend to townhouses. That said, owning a townhome comes with many perks, which is why they are a popular option among homebuyers and real estate investors alike. To prepare you for the reality of selling a townhouse, we outline a list of common challenges (and how to overcome them) below.\u00a0<\/span><\/p>\n <\/p>\n
Challenge #1: Pricing your townhouse right<\/strong><\/h3>\nPricing a home correctly is one of the most important challenges when it comes to selling a townhouse. If you set your price too low, you may lose out on valuable profit. On the other hand, setting your price too high risks alienating potential buyers, which can cause your house to sit on the market.\u00a0<\/span><\/p>\n <\/p>\n
Tip: Work with an experienced REALTOR\u00ae<\/strong><\/h4>\nTo overcome this challenge, we recommend enlisting the help of an experienced REALTOR\u00ae. Look for a REALTOR\u00ae with extensive knowledge of the local market, a communication style that aligns with yours, and a proven track record. A good REALTOR\u00ae will do a deep dive into the market and create a comparative market analysis to help you price your home to sell. They can also offer advice on different selling strategies depending on your goals (that is, whether your goal is to sell fast or for top dollar). <\/span><\/h4>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
\u201cA townhouse, also known as a townhome, is a type of residential real estate property that shares exterior walls with neighbouring homes. They are typically larger than a condo but smaller than a single-family home.\u201d<\/strong><\/h2>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||24px||false|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”23px||38px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Challenge #2: Selling to a smaller pool of buyers<\/strong><\/h3>\nOne of the more unique challenges that comes with selling a townhome is that your pool of buyers is smaller. Unlike condos or single-family homes, both of which have wider appeal, townhomes generally attract a more specific crowd (for example, families with very young children or retirees).\u00a0<\/span><\/p>\n <\/p>\n
Tip: Showcase the benefits of townhouse living\u00a0<\/strong><\/h4>\nAlthough it\u2019s true that townhomes may appeal to a smaller pool of buyers, there are ways to get around this challenge. For example, you can showcase all the benefits of townhouse living. From the reduced home maintenance to the lower purchase price, there are plenty of factors that make townhouses a great option. We recommend highlighting the following:\u00a0<\/span><\/p>\n\n- Attractive location at a lower price point: Townhouses are almost always less expensive than single-family homes and are available in attractive locations. If location is a top priority, as it is for most people, buying a townhouse can be a great option. You can find a property within your budget in a location you desire versus buying a larger property in a less desirable location because that\u2019s all you can afford.<\/span><\/li>\n
- Less home maintenance: Another benefit of townhouse living is reduced maintenance. Whether you\u2019re a recent retiree who no longer wants the burden of maintaining a single-family home or a young professional who\u2019s only ever lived in a condo and isn\u2019t prepared for the maintenance-related realities of single-family-home ownership, a townhouse can be a great option. Townhouses feature minimal outdoor space and smaller square footage than homes, which translates to less upkeep.\u00a0<\/span><\/li>\n
- Lower energy bills: Since townhouses are smaller than single-family homes, your energy costs will also be lower. In fact, some studies have revealed that homes that share walls with other homes (for example, townhouses) enjoy nearly 50% lower energy bills compared to single-family homes.<\/span><\/li>\n<\/ul>\n
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Challenge #3: Competition with other new-construction townhouses\u00a0<\/strong><\/h3>\nAnother challenge that is somewhat unique to selling a townhome is that there might be a lot of competition with new-construction townhouses in the area. There is a major boom in townhouse construction happening all over the country, which could put an existing townhouse owner at a disadvantage. Luckily, there are ways to overcome this issue.\u00a0<\/span><\/p>\n <\/p>\n
Tip: Modernize your townhome<\/strong><\/h4>\nKeeping your townhome looking fresh and modern is an effective way of competing with new-construction townhouses. Typically, this means neutral paint, contemporary lighting, and modern flooring. Hiring a professional stager or interior designer to decorate the space can go a long way when selling. <\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.24.2″ _module_preset=”default” min_height=”35px” custom_padding=”0px||0px||true|false” da_disable_devices=”off|off|off” global_module=”1002″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”54px||48px|||” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Challenge #4: Townhome fees<\/strong><\/h3>\nBuying a townhome comes with certain fees. Similar to a condo, many townhouse owners are required to pay HOA fees that cover things like general upkeep and maintenance. These fees vary from development to development, but it\u2019s a common complaint among buyers.\u00a0<\/span><\/p>\n <\/p>\n
Tip: Showcase the convenience of an HOA handling maintenance on your behalf<\/h4>\n
One way to overcome this challenge is by showcasing the convenience that paying such fees buys. After all, the fees go toward specific costs, such as maintenance. This means that by paying these fees, you won\u2019t be responsible for taking care of this maintenance yourself. No matter your age, the convenience that comes with someone else mowing your lawn, shovelling your walkway, or maintaining your garden is a major perk. Prepare for questions surrounding HOA fees by having a clear breakdown of the fees you currently pay, how much they\u2019ve increased in the past, and what exactly they cover. You might also want to research how they compare to other townhome HOA fees in the area, especially if yours are cheaper than many others. Another way to overcome this obstacle is by being flexible on the closing costs. For homebuyers who simply do not have the budget for the added HOA fees, we recommend negotiating closing costs. A seller may be more likely to sell their townhouse if they agree to pay some of the HOA fees upfront, giving the buyer more time to come up with the necessary cash.<\/span><\/p>\n<\/h3>\n
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Challenge #5: The perceived lack of space townhomes offer<\/strong><\/h3>\nSome homebuyers may be hesitant to purchase a townhouse because of the perceived lack of space they offer. Not only are townhomes usually smaller than single-family homes but their proximity to neighbours can make them seem even more cramped.\u00a0<\/span><\/p>\n <\/p>\n
Tip: Maximize space when staging<\/strong><\/h4>\nAlthough townhomes may look small, there are ample ways to enlarge a space. With the right staging, you can take advantage of every square inch, making your townhome look bright, fresh, and larger than ever before. A REALTOR\u00ae or professional stager can help you with this. They can give you tips on how to position furniture (and help you replace any bulky or oversized furniture), showcase natural light, and even use common decor items like mirrors to your advantage. Decluttering is also a key part of maximizing the space in your home. Experts recommend removing at least one-third of the items in your home before selling. <\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#f0faf4″ min_height=”334.8px” custom_padding=”3px||0px|||” da_disable_devices=”off|off|off” global_module=”849″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” height=”1px” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ admin_label=”Column” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_text=”post popup button” button_alignment=”right” module_id=”dipi_popup_id_295151″ _builder_version=”4.20.2″ _module_preset=”default” positioning=”absolute” horizontal_offset=”-10000000px” z_index=”-1000000″ global_colors_info=”{}”][\/et_pb_button][et_pb_code _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]